The report incorporates the study of the global motorcycle market that focuses on the two-wheeled vehicle which is either run by an electric-driven engine or by means of a motor that is controlled by the ignition of conventional fuels. Motorcycles are made to a variety of specifications, each type featuring unique technologies serving its particular use - scooters which is used primarily for day-to-day mobility, such as commuting and shopping trips, whereas sports and cruiser models are used widely in urban areas and for long-distance touring, trail models for off-road excursions, and racing machines for road racing, motocross, and other competitions. Currently, most of the market players are concentrating on launching new vehicles with enhanced features at a reasonable price to attract sports enthusiasts. For instance, in December 2019, Yamaha launched the WR 155R dual-purpose motorcycle in Indonesia. This is the smallest off-road motorcycle under the WR range in the country and is priced at $2,339.3 (around Rs 1.87 lakh). The bike is built on a semi-double cradle frame with a box-section swingarm instead of the R15’s Deltabox-aluminium swingarm combo.
In recent years, e-mobility has witnessed significant increase. Electric vehicles are projected to have an advantage over conventional motorcycles due to a variety of characteristics such as fuel efficiency, quiet operations, and minimal noise. Moreover, as emission standards become stringent, demand for alternate modes of transportation is anticipated to rise. For instance, in December 2021, TVS Motor Company announced their long-term partnership with BMW Motorrad to develop new platforms and future technologies, including Electric Vehicles. Under this enhanced cooperation, both companies have identified a range of products and technologies to deliver significant business benefits.
Moreover, the market for motorcycles has increased significantly in rural areas as a result of rising disposable income and lack of well-established public transportation. Increased employment, improvements in disposable income, and rising traffic congestion is fueling demand for motorcycles in developing regions such as South Asia. In addition, the growth of motorcycles owing to their numerous innovations and rise in risk of accidents are the major restraint during the forecast period. Head injuries result from numerous auto accidents and hence, it is quite unsafe to use the motorcycles. Data from the European Commission show that head injuries were present in around 80% of motorcycle fatalities. In Europe, more than 6,500 two-wheeler riders lose their lives each year, and the risk of mortality for riders is 20 times more than that of passengers. Governments and NGOs, however, have started several campaigns urging people to drive while wearing helmets and other safety gear.
For the purpose of analysis, the global motorcycle market is segmented on the basis of type, propulsion type, price range, and region. By type, the market is divided into standard, sports, cruiser, and adventure. By propulsion type, it is fragmented into internal combustion engine (ICE) and electric. By price range, it is categorized into low, mid, and high. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the motorcycle market are Bayerische Motoren Werke (BMW) AG, Harley-Davidson Inc., Honda Motor Co., Ltd., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation, Triumph Motorcycles, TVS Motor Company Ltd., Yamaha Motor Co., and Zero Motorcycles, Inc.
In recent years, e-mobility has witnessed significant increase. Electric vehicles are projected to have an advantage over conventional motorcycles due to a variety of characteristics such as fuel efficiency, quiet operations, and minimal noise. Moreover, as emission standards become stringent, demand for alternate modes of transportation is anticipated to rise. For instance, in December 2021, TVS Motor Company announced their long-term partnership with BMW Motorrad to develop new platforms and future technologies, including Electric Vehicles. Under this enhanced cooperation, both companies have identified a range of products and technologies to deliver significant business benefits.
Moreover, the market for motorcycles has increased significantly in rural areas as a result of rising disposable income and lack of well-established public transportation. Increased employment, improvements in disposable income, and rising traffic congestion is fueling demand for motorcycles in developing regions such as South Asia. In addition, the growth of motorcycles owing to their numerous innovations and rise in risk of accidents are the major restraint during the forecast period. Head injuries result from numerous auto accidents and hence, it is quite unsafe to use the motorcycles. Data from the European Commission show that head injuries were present in around 80% of motorcycle fatalities. In Europe, more than 6,500 two-wheeler riders lose their lives each year, and the risk of mortality for riders is 20 times more than that of passengers. Governments and NGOs, however, have started several campaigns urging people to drive while wearing helmets and other safety gear.
For the purpose of analysis, the global motorcycle market is segmented on the basis of type, propulsion type, price range, and region. By type, the market is divided into standard, sports, cruiser, and adventure. By propulsion type, it is fragmented into internal combustion engine (ICE) and electric. By price range, it is categorized into low, mid, and high. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the motorcycle market are Bayerische Motoren Werke (BMW) AG, Harley-Davidson Inc., Honda Motor Co., Ltd., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation, Triumph Motorcycles, TVS Motor Company Ltd., Yamaha Motor Co., and Zero Motorcycles, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This study presents analytical depiction of the global motorcycle market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall motorcycle market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global motorcycle market with a detailed impact analysis.
- The current motorcycle market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Type
- Standard
- Sports
- Cruiser
- Adventure
By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric
By Price Range
- Low
- Mid
- High
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Harley-Davidson Inc.
- TRIUMPH MOTORCYCLES
- SUZUKI MOTOR CORPORATION
- Piaggio & C. SpA
- BMW AG
- ZERO MOTORCYCLES, INC.
- KTM AG
- TVS Motor Company Ltd.
- Yamaha Corporation
- HONDA MOTOR CO.,Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MOTORCYCLE MARKET, BY TYPE
CHAPTER 5: MOTORCYCLE MARKET, BY PROPULSION TYPE
CHAPTER 6: MOTORCYCLE MARKET, BY PRICE RANGE
CHAPTER 7: MOTORCYCLE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The motorcycle market is expected to experience a significant growth rate of 8.6% from 2022-2031 owing to growing requirement for cost-effective private transportation among people around the world.Motorcycles is a type of two-wheeled motor vehicle with a frame made of metal and fiber with integration of numerous mechanical and electronic components. These bikes can be used comfortably for a lot of different activities including cruising, racing, long distance traveling, and daily commuting. Currently, bikes have been increasingly adopted as cost-effective private transportation in the past decade. Although advances in the automotive industry have greatly boosted sales, macroeconomic factors such as increased disposable income and increased urban population have further promoted cross-regional market sales. Also, the manufacturers are focusing on improving the mileage and other features such as larger fuel tanks, air-cooled engines, bucket seats, unique horns, and Bluetooth speaker systems, which will create opportunities for the market in the forthcoming years.
The key factors driving the growth of the motorcycle market include rising popularity & evolution in motorcycles events in developed economies and incorporation of cutting-edge technology in motorcycles which creates lucrative opportunities for the growth of the market across the globe. Moreover, the factors such as rising adoption of electric motorcycles, growth in investment by manufacturers in motorcycle industry for superior performance and comfort and increase in demand for two-wheeler due to traffic congestion also propels the market toward a positive growth across the globe. Moreover, the factors such as high availability of raw materials, advanced manufacturing facilities, and rapidly growing economy have provided a boost to motorcycle sales globally.
The market also offers growth factors to the key players operating in the market due to increasing trend of motorcycling among youth globally owing to the movies in Hollywood and Bollywood related to car and bike racing which creates ample opportunities for the growth of the market across the globe. In order to make motorcycles more sophisticated, motorcycle manufacturers are also focused on new discoveries in the fields of frame metals, riding styles, and shape. For instance, BMW AG modified its S 1000 R in October 2022 to take advantage of aerodynamic advancements.
The motorcycle market is segmented type, propulsion type, price range, and region. By type, the market is divided into standard, sports, cruiser, and adventure. By propulsion type, it is fragmented into internal combustion engine (ICE) and electric. By price range, it is categorized into low, mid, and high. By region, it is analyzed across North America (U.S., Canada and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include Bayerische Motoren Werke (BMW) AG, Harley-Davidson Inc., Honda Motor Co., Ltd., KTM AG, Piaggio & C. SpA, Suzuki Motor Corporation, Triumph Motorcycles, TVS Motor Company Ltd., Yamaha Motor Co., and Zero Motorcycles, Inc. The players in the market have been actively engaged in the adoption of various strategies such as have adopted partnerships, investments, and product launches to remain competitive and gain advantage over the competitors in the market. For instance, in September 2022, TVS Motor Company launched its TVS Apache 160 2V with ABS (Anti-lock Braking System) in Bangladesh. The new generation ABS unit on the TVS Apache RTR series motorcycles has been developed with a special algorithm, extensively derived out of the racing track. This enables the rider to find the quickest line around the corner without losing any speed.
Key Market Insights
- By type, the standard segment was the highest revenue contributor to the market, and is estimated to reach $85.62 billion by 2031, with a CAGR of 7.8%. However, the sports segment is estimated to be the fastest growing segment with the CAGR of 10.2% during the forecast period.
- By propulsion type, the internal combustion engine (ICE) segment was the highest revenue contributor to the market, and is estimated to reach $188.53 billion by 2031, with a CAGR of 7.8%. However, the electric segment is estimated to be the fastest growing segment with the CAGR of 13.1% during the forecast period.
- By price range, the mid segment was the highest revenue contributor to the market, and is estimated to reach $88.30 billion by 2031, with a CAGR of 9.0%. However, the low segment is estimated to be the fastest growing segment with the CAGR of 9.5% during the forecast period.
Companies Mentioned
- Harley-Davidson Inc.
- TRIUMPH MOTORCYCLES
- SUZUKI MOTOR CORPORATION
- Piaggio & C. SpA
- BMW AG
- ZERO MOTORCYCLES, INC.
- KTM AG
- TVS Motor Company Ltd.
- Yamaha Corporation
- HONDA MOTOR CO.,Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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